íàçâàíèå

Bitcoin Price Dangerously Close to ‘GTFO’ Level: Analyst Mark Dow

Bitcoin Price Dangerously Close to ‘GTFO’ Level: Analyst Mark Dow

For most of 2019, bitcoin and the wider cryptocurrency market rode a bullish wave, as a reduction in short-selling allowed prices to creep higher. However, on Thursday the bitcoin price crashed below the $4,000 mark, and now one prominent trader warns that it is dangerously close to approaching a level where even bulls need to “GTFO.”

Mark Dow Sounds the Alarm on Bitcoin

That trader is Mark Dow, a former IMF economist who famously shorted the bitcoin price from near its all-time high in 2017 to below $3,750.

The bitcoin price endured two nasty drops on Thursday.

Commenting on Thursday’s two-step drop from above $4,000 to below $3,600, Dow said that the flagship cryptocurrency’s technical indicators were not pretty.

“Nasty little air pocket in #bitcoin. If you are a crypto bull, you no NOT want to see this red line broken (~3550). Would be a very bearish sign,” he tweeted on Thursday. “Man, #bitcoin, technically, is really on the ropes here.”

Dow’s perspective on bitcoin is interesting, considering that he is relatively agnostic on its long-term fundamental value as an asset and admittedly knows very “little” about it beyond the fact that it is “highly tradeable.”

As he tweeted earlier this month:

According to Dow, yesterday’s pullback brought bitcoin dangerously close to approaching a level at which even bullish traders should “GTFO.”

On Coinbase, for instance, the bitcoin price slipped as low as $3,560, just $10 above Dow’s escape hatch, though it quickly scrambled back above $3,600 to give traders a bit of breathing room. If that support line cannot hold, Dow warned that the market could see another sharp drop as it continues to frantically search for a bottom.

Thursday Drop was ‘Insignificant’: Mati Greenspan

However, other technical analysts have taken a different reading from the charts.

Writing in daily market commentary made available to CCN, eToro Senior Market Analyst Mati Greenspan — an admitted cryptocurrency bull — said that the movement was “actually insignificant” since bitcoin stayed within the range at which it has been trading since mid-November.

“The total movement of 12% from peak to trough was actually insignificant. All we’re seeing is a movement from the top to the bottom of the range,” Greenspan wrote. “As we’ve been discussing since mid-November, the current range is from $3,000 to $5,000 (dotted blue lines). It seems now, that bitcoin has opened a new mini-range within that from [$3,550] to approximately $4,200 (yellow lines).”

Mati Greenspan of eToro said that bitcoin’s Thursday drop did not change the asset’s technical outlook.

Though the movements likely caught many investors off-guard, Greenspan alleged that one shouldn’t overstate their importance.

In any case, the bitcoin price recovered a small portion of its Thursday losses on Friday, climbing to an aggregated level of $3,701 as of the time of writing. The overall cryptocurrency market, meanwhile, carried a valuation of $123.6 billion.

Featured Image from Shutterstock. Price Charts from TradingView.


11.01.2019 / 11:45 18
If Bitcoin (BTC) Falls Under $3,200, HODLers Should GTFO: Bearish Trader If Bitcoin (BTC) Falls Under $3,200,
Former Bitcoin Short Seller Paints Bearish Picture Recently,Mark Dow, a preeminent hedge fund manager andskilled chartist,took to Twitter on Tuesday
Trader: Crypto Investors Need to ‘GTFO’ if Bitcoin Price Falls Below This Level Trader: Crypto Investors Need to ‘GTFO’
TweetShare Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $19,500 to $3,500, said that the dominant cryptocurrency could be
Former IMF Economist Mark Dow Closes $14K BTC Short Former IMF Economist Mark Dow Closes
Mark Dow, a hedge fund manager and former International Monetary Fund economist, has publicly announced that he has closed his BTC short position.
Bitcoin Price Could Hold $6,300 For Another Month Due to Low Volume Bitcoin Price Could Hold $6,300 For
Over the last 24 hours, Bitcoin has slightly recovered from $6,230 to $6,260, unable to breakout of the $6,300 mark. Throughout the upcoming days, if
Newsflash: Bitcoin Price Drops Below $8,000 as Bears Twist the Knife Newsflash: Bitcoin Price Drops Below
The bitcoin price sank below $8,000 on Thursday for the for the first time since mid-April, further erasing the progress that the flagship
Cardano Price Technical Analysis – ADA/USD Approaching Key Support Cardano Price Technical Analysis –
Key Highlights ADA price traded as high as $0.3883 before starting a downside correction against the US Dollar (tethered). There is a significant
Comments (0)
Add a comment
Comment on